0001636661-21-000008.txt : 20211004 0001636661-21-000008.hdr.sgml : 20211004 20211004112036 ACCESSION NUMBER: 0001636661-21-000008 CONFORMED SUBMISSION TYPE: 13F-HR PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211004 DATE AS OF CHANGE: 20211004 EFFECTIVENESS DATE: 20211004 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CONFLUENCE INVESTMENT MANAGEMENT LLC CENTRAL INDEX KEY: 0001442056 IRS NUMBER: 261764456 FILING VALUES: FORM TYPE: 13F-HR SEC ACT: 1934 Act SEC FILE NUMBER: 028-13334 FILM NUMBER: 211301434 BUSINESS ADDRESS: STREET 1: 20 ALLEN AVENUE, SUITE 300 CITY: ST. LOUIS STATE: MO ZIP: 63119 BUSINESS PHONE: 314-743-5090 MAIL ADDRESS: STREET 1: 20 ALLEN AVENUE, SUITE 300 CITY: ST. LOUIS STATE: MO ZIP: 63119 13F-HR 1 primary_doc.xml 13F-HR LIVE false true true 0001442056 XXXXXXXX 09-30-2021 09-30-2021 CONFLUENCE INVESTMENT MANAGEMENT LLC

20 ALLEN AVENUE, SUITE 300 ST. LOUIS MO 63119

13F HOLDINGS REPORT 028-13334 N Steven P. Farmer 630-291-8319 Steven P. Farmer Naperville IL 10-04-2021 1 357 7126216 false 1 028-06487 First Trust Advisors L.P. INFORMATION TABLE 2 inftable.xml 3M Company COM 88579Y101 100654 573787 SH SOLE 569566 0 4221 Accenture PLC COM G1151C101 34266 107108 SH SOLE 106485 0 623 AIA Group Limited COM 001317205 1121 24366 SH SOLE 23836 0 530 Air Products & Chemicals Incor COM 009158106 23820 93008 SH SOLE 92501 0 507 Alcoa Corporation COM 013872106 291 5948 SH SOLE 5897 0 51 Alibaba Group Holding Limited COM 01609W102 444 3000 SH SOLE 3000 0 0 Allied Motion Technologies Inc COM 019330109 5179 165564 SH SOLE 164517 0 1047 Allied Motion Technologies Inc COM 019330109 1431 45757 SH DFND 01 0 45757 0 Alphabet Incorporated - A COM 02079K305 497 186 SH SOLE 186 0 0 Alphabet Incorporated - C COM 02079K107 72353 27146 SH SOLE 27098 0 48 Amazon.com Incorporated COM 023135106 210 64 SH SOLE 64 0 0 American Capital Agency Corpor COM 00123q104 25 1594 SH SOLE 1594 0 0 American Capital Agency Corpor COM 00123q104 1340 85000 SH DFND 01 0 85000 0 American Express Company COM 025816109 402 2400 SH SOLE 2400 0 0 American Outdoor Brands Incorp COM 02875D109 4522 184114 SH SOLE 183028 0 1086 American Outdoor Brands Incorp COM 02875D109 1245 50705 SH DFND 01 0 50705 0 American Water Works Company COM 030420103 27297 161485 SH SOLE 160633 0 852 Analog Devices Incorporated COM 032654105 124763 744942 SH SOLE 739633 0 5309 Anglo American Platinum Limite COM 03486T202 224 15419 SH SOLE 15275 0 144 Annaly Capital Management Inco COM 035710409 30 3593 SH SOLE 3593 0 0 Annaly Capital Management Inco COM 035710409 1389 165000 SH DFND 01 0 165000 0 Antofagasta PLC ADR COM G0398N128 274 15292 SH SOLE 15159 0 133 Apollo Investment Corporation COM 03761U502 378 29140 SH SOLE 29140 0 0 Apple Incorporated COM 037833100 374 2644 SH SOLE 2644 0 0 Aptiv PLC COM G6095L109 1068 7172 SH SOLE 6972 0 200 Ares Capital Corporation COM 04010L103 82344 4050388 SH SOLE 4022435 0 27953 Ares Capital Corporation COM 04010L103 5082 250000 SH DFND 01 0 250000 0 Axalta Coating Systems Limited COM G0750C108 42841 1467664 SH SOLE 1464490 0 3174 Baidu Incorporated ADS COM 056752108 280 1818 SH SOLE 1818 0 0 Bank of Marin (CA) COM 063425102 4223 111864 SH SOLE 111263 0 601 Bank of Marin (CA) COM 063425102 1358 35968 SH DFND 01 0 35968 0 Barings BDC Incorporated COM 06759l103 1362 123610 SH SOLE 123610 0 0 Barings BDC Incorporated COM 06759l103 3610 327594 SH DFND 01 0 327594 0 Barrick Gold Corporation COM 067901108 263 14579 SH SOLE 14458 0 121 Becton Dickinson and Company COM 075887109 21086 85777 SH SOLE 85243 0 534 Berkshire Hathaway Incorporate COM 084670108 2057 5 SH SOLE 5 0 0 Berkshire Hathaway Incorporate COM 084670702 55483 203280 SH SOLE 202927 0 353 Berkshire Hathaway Incorporate COM 084670702 1228 4500 SH DFND 01 0 4500 0 Black Knight Incorporated COM 09215C105 12338 171363 SH SOLE 170693 0 670 Booking Holdings Incorporated COM 09857L108 56864 23954 SH SOLE 23890 0 64 Broadridge Financial Solutions COM 11133T103 133485 801041 SH SOLE 795594 0 5447 Brookfield Asset Management In COM 112585104 65876 1231100 SH SOLE 1228570 0 2530 Brookfield Infrastructure COM 11275Q107 102887 1718221 SH SOLE 1705990 0 12231 Brown & Brown Incorporated COM 115236101 45539 821265 SH SOLE 817272 0 3993 Brown & Brown Incorporated COM 115236101 1522 27440 SH DFND 01 0 27440 0 BRP Group COM 05589g102 22641 680106 SH SOLE 675231 0 4875 BRP Group COM 05589g102 2243 67384 SH DFND 01 0 67384 0 CAE Incorporated COM 124765108 824 27581 SH SOLE 26821 0 760 Cameco Corporation COM 13321L108 448 20617 SH SOLE 20435 0 182 Cannae Holdings Incorporated COM 13765N107 26708 858491 SH SOLE 853695 0 4796 Cannae Holdings Incorporated COM 13765N107 1505 48376 SH DFND 01 0 48376 0 Capital Southwest Corporation COM 140501107 923 36660 SH SOLE 36660 0 0 Capital Southwest Corporation COM 140501107 1769 70238 SH DFND 01 0 70238 0 Cerner Corporation COM 156782104 34400 487804 SH SOLE 487291 0 513 Charles River Laboratories Int COM 159864107 51753 125409 SH SOLE 125085 0 324 Charles Schwab COM 808513105 24517 336587 SH SOLE 334606 0 1981 Chevron Corporation COM 166764100 88476 872110 SH SOLE 866033 0 6077 China Petroleum & Chemical Com COM 16941R108 267 5426 SH SOLE 5426 0 0 China Southern Airlines Compan COM 169409109 320 11486 SH SOLE 11486 0 0 Chubb Corporation COM H1467J104 126704 730365 SH SOLE 724776 0 5589 Cia Brasileira de Distribuicao COM 20440T300 168 35629 SH SOLE 35629 0 0 Cimarex Energy Company COM 171798101 269 3089 SH SOLE 3063 0 26 Cisco Systems Incorporated COM 17275R102 102719 1887180 SH SOLE 1873948 0 13232 Cliffs Natural Resources Incor COM 185899101 328 16545 SH SOLE 16390 0 155 Colgate-Palmolive Company COM 194162103 109601 1450127 SH SOLE 1438849 0 11279 Commerce Bancshares Incorporat COM 200525103 23539 337811 SH SOLE 335798 0 2013 Compagnie Financiere Richemont COM 204319107 160 15307 SH SOLE 15307 0 0 Core Laboratories NV COM N22717107 5297 190866 SH SOLE 189720 0 1146 Core Laboratories NV COM N22717107 1651 59507 SH DFND 01 0 59507 0 Corteva Incorporated COM 22052L104 699 16604 SH SOLE 16604 0 0 Costco Wholesale Corporation COM 22160K105 354 788 SH SOLE 773 0 15 Crescent Capital BDC Incorpora COM 225655109 436 22773 SH SOLE 22773 0 0 Crescent Capital BDC Incorpora COM 225655109 486 25408 SH DFND 01 0 25408 0 Cullen Frost Bankers Incorpora COM 229899109 23665 199503 SH SOLE 198151 0 1352 Cyberark Software Limited COM M2682V108 1117 7076 SH SOLE 6875 0 201 DBS Group Holdings ADR COM 23304y100 843 9508 SH SOLE 9258 0 250 Diageo PLC COM 25243Q205 168172 871356 SH SOLE 865987 0 5369 Digital Realty Trust Incorpora COM 253868103 99387 688039 SH SOLE 682648 0 5391 Dollar Tree Incorporated COM 256746108 26484 276679 SH SOLE 275090 0 1589 Donaldson Incorporated COM 257651109 21973 382731 SH SOLE 380401 0 2330 Dow Incorporated COM 260557103 97650 1696491 SH SOLE 1684156 0 12335 Dr Reddy's Laboratories Limite COM 256135203 336 5151 SH SOLE 5151 0 0 DSV Panalpina COM 26251A108 1478 12343 SH SOLE 11985 0 358 Dun & Bradstreet Holdings COM 26484T106 29975 1783165 SH SOLE 1781046 0 2119 Dupont De Nemurs Incorporated COM 26614N102 10962 161228 SH SOLE 160409 0 819 Ecopetrol SA COM 279158109 268 18643 SH SOLE 18643 0 0 Edgewell Personal Care Company COM 28035Q102 4662 128418 SH SOLE 127689 0 729 Edgewell Personal Care Company COM 28035Q102 1514 41700 SH DFND 01 0 41700 0 ENN Energy Holdings Limited COM 26876F102 444 6733 SH SOLE 6733 0 0 Entergy Corporation COM 29364G103 84040 846240 SH SOLE 839517 0 6722 EOG Resources COM 26875P101 208 2591 SH SOLE 2569 0 22 Equinox Gold COM 29446Y502 214 32424 SH SOLE 32170 0 254 Ericsson ADR COM 294821608 884 78916 SH SOLE 77207 0 1709 Expeditors International of Wa COM 302130109 27666 232237 SH SOLE 230954 0 1283 Fanuc Limited ADS COM 307305102 605 27438 SH SOLE 26703 0 735 Faro Technologies Incorporated COM 311642102 4271 64904 SH SOLE 64514 0 390 Faro Technologies Incorporated COM 311642102 1339 20345 SH DFND 01 0 20345 0 Fastenal Company COM 311900104 147186 2851888 SH SOLE 2836968 0 14920 Fidelity National Financial In COM 31620R303 109545 2416072 SH SOLE 2396382 0 19690 Fidelity National Information COM 31620M106 20160 165682 SH SOLE 164698 0 984 First Majestic Silver Corp. COM 32076V103 189 16758 SH SOLE 16615 0 143 First Quantum Minerals Limited COM 335934105 254 13689 SH SOLE 13565 0 124 Fomento Economico Mexicano SAB COM 344419106 291 3354 SH SOLE 3354 0 0 Fortuna Silver Mines Incorpora COM 349915108 127 32363 SH SOLE 32112 0 251 Fortune Brands Home & Security COM 34964C106 57170 639341 SH SOLE 637481 0 1860 Forward Air Corporation COM 349853101 4904 59070 SH SOLE 58703 0 367 Forward Air Corporation COM 349853101 1031 12422 SH DFND 01 0 12422 0 Franco-Nevada Corporation COM 351858105 1461 11246 SH SOLE 11027 0 219 Franklin Street Properties Cor COM 35471R106 766 165000 SH SOLE 40000 0 125000 Freeport-McMoRan Copper & Gold COM 35671D857 304 9342 SH SOLE 9262 0 80 Frontdoor Incorporated COM 35905A109 31558 753180 SH SOLE 749036 0 4144 Frontdoor Incorporated COM 35905A109 1596 38100 SH DFND 01 0 38100 0 Gates Industrial COM G39108108 19655 1208021 SH SOLE 1201364 0 6657 GDS Holdings Limited COM 36165L108 221 3900 SH SOLE 3900 0 0 General Dynamics Corporation COM 369550108 21039 107326 SH SOLE 106586 0 740 Gilead Sciences COM 375558103 85531 1224499 SH SOLE 1215706 0 8793 Gladstone Commercial Corporati COM 376536108 4758 226242 SH SOLE 224928 0 1314 Gladstone Commercial Corporati COM 376536108 1659 78908 SH DFND 01 0 78908 0 Glencore Xstrata PLC COM 37827X100 328 34876 SH SOLE 34564 0 312 Globe Specialty Metals Incorpo COM G33856108 319 36657 SH SOLE 36343 0 314 Gold Fields Limited COM 38059t106 241 29676 SH SOLE 29676 0 0 Goldman Sachs BDC Incorporated COM 38147U107 1044 56909 SH SOLE 56909 0 0 Goldman Sachs BDC Incorporated COM 38147U107 2477 135000 SH DFND 01 0 135000 0 Goldman Sachs Treasury Access COM 381430529 249 2493 SH SOLE 2493 0 0 Golub Capital BDC Incorporated COM 38173M102 1211 76606 SH SOLE 76606 0 0 Golub Capital BDC Incorporated COM 38173M102 3952 250000 SH DFND 01 0 250000 0 Graco Incorporated COM 384109104 87912 1256426 SH SOLE 1247728 0 8697 Grupo Financiero ADR COM 40052P107 367 11439 SH SOLE 11439 0 0 HDFC Bank Limited COM 40415F101 455 6230 SH SOLE 6230 0 0 Healthcare Services Group COM 421906108 16487 659728 SH SOLE 655490 0 4238 Healthcare Services Group COM 421906108 1357 54292 SH DFND 01 0 54292 0 Hercules Technology Growth Cap COM 427096508 1004 60429 SH SOLE 60429 0 0 Hercules Technology Growth Cap COM 427096508 5813 350000 SH DFND 01 0 350000 0 Hexagon AB COM 428263107 12384 804128 SH SOLE 800832 0 3296 Home Depot Incorporated COM 437076102 143121 436000 SH SOLE 433126 0 2874 Honeywell International Incorp COM 438516106 250 1180 SH SOLE 1180 0 0 Huazhu Group Limited COM 44332N106 487 10620 SH SOLE 10620 0 0 I3 Verticals Incorporated COM 46571Y107 4458 184132 SH SOLE 183031 0 1101 I3 Verticals Incorporated COM 46571Y107 1057 43680 SH DFND 01 0 43680 0 ICICI Bank Limited ADS COM 45104g104 332 17575 SH SOLE 17575 0 0 Icon PLC COM G4705A100 1616 6168 SH SOLE 5990 0 178 IHS Markit Limited COM G47567105 63929 548186 SH SOLE 547240 0 946 Illinois Tool Works Incorporat COM 452308109 62749 303677 SH SOLE 302827 0 850 Infosys Technologies Limited COM 456788108 1528 68662 SH SOLE 67403 0 1259 Invesco BulletShares 2025 Corp COM 46138j825 9655 435000 SH SOLE 433507 0 1493 Invesco BulletShares 2029 Muni COM 46138J478 2063 79557 SH SOLE 79557 0 0 Invesco BulletShares 2030 Muni COM 46138J445 2061 81337 SH SOLE 81337 0 0 Invesco Optimum Yield Diversif COM 46090F100 7204 342241 SH SOLE 341681 0 560 Investcorp Credit Management B COM 46090R104 713 130340 SH DFND 01 0 130340 0 iShares 1-5 Year Investment Gr COM 464288646 2946 53924 SH SOLE 53583 0 341 iShares 20 Year Treasury Bond COM 464287432 9351 64796 SH SOLE 64575 0 221 iShares 7-10 Year Treasury Bon COM 464287440 49118 426301 SH SOLE 424828 0 1473 iShares Core MSCI Emerging Mar COM 46434G103 2233 36161 SH SOLE 36161 0 0 iShares Floating Rate Bond ETF COM 46429B655 242 4755 SH SOLE 4755 0 0 iShares Gold Trust ETF COM 464285204 20911 625895 SH SOLE 624919 0 976 iShares iBonds Dec 2022 Term M COM 46435G755 2489 95061 SH SOLE 95061 0 0 iShares iBonds Dec 2022 Term T COM 46436E809 7281 286305 SH SOLE 286305 0 0 iShares iBonds Dec 2023 Term M COM 46435G318 4119 158408 SH SOLE 158408 0 0 iShares iBonds Dec 2023 Term T COM 46436E882 3214 125389 SH SOLE 124581 0 808 iShares iBonds Dec 2024 Term C COM 46434VBG4 7781 295956 SH SOLE 295956 0 0 iShares iBonds Dec 2024 Term M COM 46435U697 5499 204112 SH SOLE 204112 0 0 iShares iBonds Dec 2024 Term T COM 46436E874 11481 446833 SH SOLE 445020 0 1813 iShares iBonds Dec 2025 Term M COM 46435U432 4125 147570 SH SOLE 147570 0 0 iShares iBonds Dec 2025 Term T COM 46436E866 9223 359659 SH SOLE 358420 0 1239 iShares iBonds Dec 2026 Term C COM 46435GAA0 18772 708368 SH SOLE 705965 0 2403 iShares iBonds Dec 2026 Term M COM 46435U259 4338 161349 SH SOLE 161349 0 0 iShares iBonds Dec 2026 Term T COM 46436E858 9149 358003 SH SOLE 356766 0 1237 iShares iBonds Dec 2027 Term C COM 46435UAA9 11563 428566 SH SOLE 427091 0 1475 iShares iBonds Dec 2027 Term M COM 46435U283 5365 198622 SH SOLE 198622 0 0 iShares iBonds Dec 2027 Term T COM 46436E841 1598 62914 SH SOLE 62513 0 401 iShares iBonds Dec 2028 Term C COM 46435U515 13957 487155 SH SOLE 485500 0 1655 iShares iBonds Dec 2028 Term M COM 46435U325 6550 240582 SH SOLE 240582 0 0 iShares iBonds Dec 2028 Term T COM 46436E833 11530 454370 SH SOLE 452811 0 1559 iShares iBonds Dec 2029 Term C COM 46436E205 9200 345651 SH SOLE 344463 0 1188 iShares iBonds Dec 2029 Term T COM 46436E825 9202 365251 SH SOLE 364013 0 1238 iShares iBonds Dec 2030 Term C COM 46436E726 18828 744280 SH SOLE 741714 0 2566 iShares MBS ETF COM 464288588 43967 406576 SH SOLE 405095 0 1481 iShares MSCI Emerging Markets COM 46434G764 9855 162522 SH SOLE 162522 0 0 iShares MSCI United Kingdom ET COM 46435G334 5729 177628 SH SOLE 177628 0 0 iShares MSCI United Kingdom Sm COM 46429B416 459 9848 SH SOLE 9848 0 0 iShares National Muni Bond ETF COM 464288414 2876 24757 SH SOLE 24757 0 0 iShares Silver Trust ETF COM 46428Q109 798 38898 SH SOLE 38836 0 62 J & J Snack Foods Corporation COM 466032109 4643 30381 SH SOLE 30206 0 175 J & J Snack Foods Corporation COM 466032109 1445 9458 SH DFND 01 0 9458 0 James River Group Holdings Lim COM g5005r107 4003 106107 SH SOLE 105504 0 603 James River Group Holdings Lim COM g5005r107 1170 31019 SH DFND 01 0 31019 0 Jazz Pharmaceuticals PLC COM G50871105 414 3178 SH SOLE 3113 0 65 John Bean Technologies Corpora COM 477839104 6209 44173 SH SOLE 43908 0 265 John Bean Technologies Corpora COM 477839104 1796 12781 SH DFND 01 0 12781 0 JP Morgan Chase & Company COM 46625H100 305 1863 SH SOLE 1863 0 0 Kadant Incorporated COM 48282T104 7767 38055 SH SOLE 37815 0 240 Kadant Incorporated COM 48282T104 2190 10730 SH DFND 01 0 10730 0 KB Financial Group Incorporate COM 48241a105 341 7337 SH SOLE 7337 0 0 Kemper Corporation COM 488401100 299 4470 SH SOLE 4470 0 0 Keurig Dr Pepper Incorporated COM 49271V100 12570 367980 SH SOLE 366368 0 1612 Kinder Morgan Incorporated COM 49456B101 84627 5058371 SH SOLE 5025250 0 33121 Kirkland Lake Gold Limited COM 49741E100 912 21929 SH SOLE 21474 0 455 Komatsu Limited COM 500458401 433 18053 SH SOLE 17563 0 490 L'Oreal SA COM 502117203 1104 13320 SH SOLE 12998 0 322 Linde PLC COM G5494J103 131200 447200 SH SOLE 444172 0 3027 Localiza Rent a Car SA COM 53956W300 356 29674 SH SOLE 29674 0 0 Lockheed Martin Corporation COM 539830109 112600 326281 SH SOLE 323788 0 2493 Lowe's Companies Incorporated COM 548661107 64897 319908 SH SOLE 319357 0 551 LVMH Moet Hennessy Louis Vuitt COM 502441306 1364 9519 SH SOLE 9316 0 203 M&T Bank Corporation COM 55261F104 21597 144618 SH SOLE 143657 0 961 Main Street Capital Corporatio COM 56035L104 1242 30226 SH SOLE 30226 0 0 Main Street Capital Corporatio COM 56035L104 4525 110107 SH DFND 01 0 110107 0 Makemytrip Limited COM V5633W109 354 13019 SH SOLE 13019 0 0 Manatuck Hill Mariner Offshore COM 562996983 423 2177 SH SOLE 2177 0 0 Markel Corporation COM 570535104 62730 52488 SH SOLE 52319 0 169 Markel Corporation COM 570535104 179 150 SH DFND 01 0 150 0 Marten Transport Limited COM 573075108 5240 333970 SH SOLE 332011 0 1959 Marten Transport Limited COM 573075108 1537 97970 SH DFND 01 0 97970 0 Mastercard Incorporated COM 57636Q104 68552 197169 SH SOLE 196573 0 596 McDonald's Corporation COM 580135101 25375 105243 SH SOLE 104643 0 600 Medtronic COM G5960L103 25562 203927 SH SOLE 202822 0 1105 Mercadolibre Incorporated COM 58733R102 636 379 SH SOLE 379 0 0 Microsoft Corporation COM 594918104 156008 553377 SH SOLE 549598 0 3779 Morningstar Incorporated COM 617700109 18433 71163 SH SOLE 70829 0 334 Morningstar Incorporated COM 617700109 1426 5506 SH DFND 01 0 5506 0 Movado Group Incorporated COM 624580106 6982 221726 SH SOLE 220391 0 1335 Movado Group Incorporated COM 624580106 2092 66441 SH DFND 01 0 66441 0 Nathan's Famous Incorporated COM 632347100 1270 20759 SH SOLE 20649 0 110 Nathan's Famous Incorporated COM 632347100 517 8459 SH DFND 01 0 8459 0 Natus Medical Incorporated COM 639050103 3773 150444 SH SOLE 149605 0 839 Natus Medical Incorporated COM 639050103 760 30319 SH DFND 01 0 30319 0 Neenah Paper Incorporated COM 640079109 3253 69789 SH SOLE 69370 0 419 Neenah Paper Incorporated COM 640079109 1152 24710 SH DFND 01 0 24710 0 Nestle SA COM 641069406 131784 1096284 SH SOLE 1088563 0 7722 New Jersey Resources Corporati COM 646025106 17630 506471 SH SOLE 502860 0 3611 New Mountain Finance Corporati COM 647551100 1167 87672 SH SOLE 87672 0 0 New Mountain Finance Corporati COM 647551100 5025 377564 SH DFND 01 0 377564 0 Nike Incorporated COM 654106103 27885 192003 SH SOLE 191003 0 1000 Nintendo Company Limited COM 654445303 734 12391 SH SOLE 12086 0 305 Nordson Corporation COM 655663102 44515 186919 SH SOLE 186002 0 917 Northern Trust Corporation COM 665859104 121832 1130060 SH SOLE 1121792 0 8268 Northwest Natural Holding Comp COM 66765N105 3630 78938 SH SOLE 78485 0 453 Northwest Natural Holding Comp COM 66765N105 1292 28090 SH DFND 01 0 28090 0 Novartis AG ADR COM 66987V109 18338 224239 SH SOLE 222473 0 1766 Novo Nordisk A/S ADS COM 670100205 1606 16732 SH SOLE 16423 0 309 NVIDIA Corporation COM 67066G104 476 2299 SH SOLE 2299 0 0 NXP Semiconductors NV COM N6596X109 76800 392098 SH SOLE 390891 0 1207 Oaktree Specialty Lending Corp COM 67401P108 645 91307 SH SOLE 91307 0 0 OFS Capital Corporation COM 67103B100 1038 100218 SH SOLE 100218 0 0 OFS Capital Corporation COM 67103B100 2974 287084 SH DFND 01 0 287084 0 Oracle Corporation COM 68389X105 89238 1024193 SH SOLE 1021172 0 3021 Owl Rock Capital Corporation COM 69121K104 820 58107 SH SOLE 58107 0 0 Owl Rock Capital Corporation COM 69121K104 2118 150000 SH DFND 01 0 150000 0 Pagseguro Digital Limited COM G68707101 1189 22984 SH SOLE 22557 0 427 Pan American Silver Corporatio COM 697900108 238 10242 SH SOLE 10159 0 83 Paychex Incorporated COM 704326107 156239 1389407 SH SOLE 1380244 0 9163 PayPal Holdings Incorporated COM 70450Y103 248 953 SH SOLE 953 0 0 PennantPark Floating Rate Capi COM 70806A106 581 45404 SH SOLE 45404 0 0 PennantPark Floating Rate Capi COM 70806A106 256 20000 SH DFND 01 0 20000 0 PennantPark Investment Corpora COM 708062104 424 65303 SH SOLE 65303 0 0 PennantPark Investment Corpora COM 708062104 4251 655081 SH DFND 01 0 655081 0 Pepsico Incorporated COM 713448108 160274 1065583 SH SOLE 1059482 0 6100 Perficient Incorporated COM 71375U101 5132 44356 SH SOLE 44098 0 258 Perficient Incorporated COM 71375U101 1488 12865 SH DFND 01 0 12865 0 Pfizer Incorporated COM 717081103 94573 2198856 SH SOLE 2182175 0 16681 PhenixFin Corporation COM 71742W103 1001 23335 SH DFND 01 0 23335 0 Phibro Animal Health Corporati COM 71742Q106 3112 144469 SH SOLE 144134 0 335 PIMCO Enhanced Short Maturity COM 72201R833 512 5026 SH SOLE 5026 0 0 Ping An Insurance Group Compan COM 72341E304 168 12264 SH SOLE 12264 0 0 Polaris Industries COM 731068102 128427 1073266 SH SOLE 1064817 0 8449 Portman Ridge Finance Corporat COM 73688F201 201 8250 SH SOLE 8250 0 0 Portman Ridge Finance Corporat COM 73688F201 1071 44000 SH DFND 01 0 44000 0 Posco ADR COM 693483109 284 4122 SH SOLE 4122 0 0 PPG Industries Incorporated COM 693506107 23097 161505 SH SOLE 160560 0 944 Procter & Gamble Company COM 742718109 23944 171272 SH SOLE 170285 0 987 Progressive Corporation COM 743315103 122421 1354360 SH SOLE 1345374 0 8986 Prudential Financial Incorpora COM 744320102 23 218 SH SOLE 218 0 0 Prudential Financial Incorpora COM 744320102 1157 11000 SH DFND 01 0 11000 0 Rayonier Incorporated COM 754907103 102621 2876154 SH SOLE 2855940 0 20214 Rayonier Incorporated COM 754907103 1537 43088 SH DFND 01 0 43088 0 Raytheon Technologies Corporat COM 75513E101 59038 686809 SH SOLE 684680 0 2128 RBC Bearings Incorporated COM 75524B104 6176 29105 SH SOLE 28936 0 169 RBC Bearings Incorporated COM 75524B104 1634 7701 SH DFND 01 0 7701 0 RE/MAX Holdings Incorporated COM 75524W108 15335 492145 SH SOLE 489901 0 2244 RE/MAX Holdings Incorporated COM 75524W108 1338 42955 SH DFND 01 0 42955 0 Rio Tinto PLC COM 767204100 1304 19519 SH SOLE 19148 0 371 Roche Holding AG COM 771195104 617 13571 SH SOLE 13209 0 362 Rockwell Automation Incorporat COM 773903109 26583 90405 SH SOLE 89876 0 529 Royal Dutch Shell PLC - A COM 780259206 638 14321 SH SOLE 14056 0 265 Royal Gold Incorporated COM 780287108 272 2851 SH SOLE 2827 0 24 SAP SE COM 803054204 657 4863 SH SOLE 4723 0 140 Seabridge Gold Inc. COM 811916105 230 14861 SH SOLE 14734 0 127 Sendas Distribuidora ADR COM 81689T104 262 15020 SH SOLE 15020 0 0 Shopify Incorporated COM 82509L107 1563 1153 SH SOLE 1124 0 29 SilverCrest Metals Incorporate COM 828363101 230 32999 SH SOLE 32701 0 298 Sixth Street Specialty Lending COM 83012A109 1285 57838 SH SOLE 57838 0 0 Sixth Street Specialty Lending COM 83012A109 3259 146751 SH DFND 01 0 146751 0 SJW Group COM 784305104 5080 76897 SH SOLE 76498 0 399 SJW Group COM 784305104 1421 21513 SH DFND 01 0 21513 0 Sl Green Realty COM 78440X804 94744 1337436 SH SOLE 1327663 0 9773 Snap-on Incorporated COM 833034101 141666 677992 SH SOLE 673407 0 4584 Solar Capital Limited COM 83413U100 1392 72744 SH SOLE 72744 0 0 Solar Capital Limited COM 83413U100 3744 195709 SH DFND 01 0 195709 0 Solar Senior Capital Limited COM 83416M105 404 26101 SH SOLE 26101 0 0 Sony Group Corporation COM 835699307 1797 16249 SH SOLE 15904 0 345 Southern Company COM 842587107 117914 1902760 SH SOLE 1889083 0 13677 Southern Copper Corporation COM 84265V105 276 4920 SH SOLE 4877 0 43 SPDR Financial Select Sector E COM 81369Y605 4314 114937 SH SOLE 114864 0 73 SPDR Gold Shares ETF COM 78463V107 224 1365 SH SOLE 1365 0 0 SPDR Industrial Select Sector COM 81369Y704 3834 39191 SH SOLE 39165 0 26 SPDR Materials Select Sector E COM 81369Y100 3771 47673 SH SOLE 47642 0 31 SPDR Nuveen Bloomberg Barclays COM 78468R721 2869 55638 SH SOLE 55638 0 0 SPDR Portfolio Developed World COM 78463X889 36807 1016479 SH SOLE 1015075 0 1404 SPDR Portfolio S&P 500 Growth COM 78464A409 14346 224089 SH SOLE 223870 0 219 SPDR Portfolio S&P 500 Value E COM 78464a508 26773 686482 SH SOLE 685820 0 662 SPDR S&P 400 Mid Cap Growth ET COM 78464A821 4965 65628 SH SOLE 65628 0 0 SPDR S&P 400 Mid Cap Value ETF COM 78464A839 8314 125528 SH SOLE 125528 0 0 SPDR S&P 500 ETF COM 78462F103 6237 14535 SH SOLE 14535 0 0 SPDR S&P 600 Small Cap Growth COM 78464A201 12823 147185 SH SOLE 147083 0 102 SPDR S&P 600 Small Cap Value E COM 78464A300 24209 295374 SH SOLE 295175 0 199 SPDR S&P Homebuilders ETF COM 78464A888 3493 48681 SH SOLE 48622 0 59 Sprott Physical Uranium Trust COM 85210A104 358 31581 SH SOLE 31310 0 271 Starbucks Corporation COM 855244109 82692 749631 SH SOLE 747376 0 2255 Stellus Capital Investment COM 858568108 814 62319 SH SOLE 62319 0 0 Stellus Capital Investment COM 858568108 3737 286126 SH DFND 01 0 286126 0 Stryker Corporation COM 863667101 85095 322673 SH SOLE 321724 0 949 T Rowe Price Group Incorporate COM 74144T108 31676 161038 SH SOLE 160230 0 808 Taiwan Semiconductor Manufactu COM 874039100 2165 19395 SH SOLE 19059 0 336 TCP Capital Corporation COM 09259e108 1119 82465 SH SOLE 82465 0 0 TCP Capital Corporation COM 09259e108 4503 331863 SH DFND 01 0 331863 0 Teck Resources Limited COM 878742204 308 12379 SH SOLE 12272 0 107 Tencent Holdings Limited COM 88032Q109 1051 17590 SH SOLE 17293 0 297 The Clorox Company COM 189054109 19625 118504 SH SOLE 117717 0 787 Thermo Fisher Scientific Incor COM 883556102 59535 104205 SH SOLE 104046 0 159 Thermon Group Holdings Incorpo COM 88362T103 3939 227581 SH SOLE 226336 0 1245 Thermon Group Holdings Incorpo COM 88362T103 1333 77011 SH DFND 01 0 77011 0 TJX Companies COM 872540109 72819 1103653 SH SOLE 1100184 0 3469 Trinity Capital Incorporated COM 896442308 244 15152 SH SOLE 15152 0 0 Trinity Capital Incorporated COM 896442308 356 22127 SH DFND 01 0 22127 0 TriplePoint Venture Growth BDC COM 89677Y100 395 24935 SH SOLE 24935 0 0 TriplePoint Venture Growth BDC COM 89677Y100 1346 85000 SH DFND 01 0 85000 0 United Overseas Bank Limited COM 911271302 568 14958 SH SOLE 14553 0 405 US Bancorp COM 902973304 110456 1858280 SH SOLE 1845551 0 12729 Vale SA (ADR) COM 91912E105 709 50806 SH SOLE 49772 0 1034 VanEck Vectors Long Municipal COM 92189F536 16161 750963 SH SOLE 750963 0 0 Veritex Holdings COM 923451108 6188 157213 SH SOLE 156087 0 1126 Veritex Holdings COM 923451108 1981 50340 SH DFND 01 0 50340 0 Visa Incorporated COM 92826C839 423 1901 SH SOLE 1901 0 0 Vontier Corporation COM 928881101 15116 449870 SH SOLE 446694 0 3176 Wal-Mart de Mexico S.A.B. de C COM 93114W107 1081 31802 SH SOLE 31167 0 635 Waste Connections Incorporated COM 94106B101 1133 8994 SH SOLE 8747 0 247 Weyerhaeuser Company COM 962166104 100632 2829119 SH SOLE 2807885 0 21234 Willis Towers Watson Public Li COM G96629103 925 3978 SH SOLE 3886 0 92 Winnebago Industries Incorpora COM 974637100 5756 79445 SH SOLE 78975 0 470 Winnebago Industries Incorpora COM 974637100 1602 22109 SH DFND 01 0 22109 0 WNS Holdings Limited COM 92932M101 365 4462 SH SOLE 4462 0 0 WR Berkley Corporation COM 084423102 52546 718031 SH SOLE 716759 0 1272 Wuxi Biologics Cayman Incorpor COM 98260N108 1019 31345 SH SOLE 31345 0 0 xTrackers Municipal Infrastruc COM 233051705 4102 141241 SH SOLE 141241 0 0 Yandex NV COM N97284108 736 9238 SH SOLE 9238 0 0 Yum China Holdings Incorporate COM 98850P109 350 6026 SH SOLE 6026 0 0 ZTO Express Cayman Incorporate COM 98980A105 466 15192 SH SOLE 15192 0 0